Press release
Paychex, Inc. Reports Third Quarter Results and Improves Full Year Guidance; Reflects Client Base Growth and Strong Client Retention
ROCHESTER, N.Y.--(BUSINESS WIRE)-- Paychex, Inc. (the “Company,” “Paychex,” “we,” “our,” or “us”) today announced the following results for the quarter ended
About this update from Paychex, Inc.
[{"type":"text","content":" ROCHESTER, N.Y.--(BUSINESS WIRE)--\nPaychex, Inc. (the “Company,” “Paychex,” “we,” “our,” or “us”) today announced the following results for the quarter ended February 28, 2021 (the “third quarter”), as compared to the corresponding prior-year period:\n\n\nTotal service revenue decreased 2% to $1.1 billion.\n\n\nTotal revenue decreased 3% to $1.1 billion.\n\n\nOperating income was comparable at $468.6 million.\n\n\nDiluted earnings per share and adjusted diluted earnings per share(1) each decreased 1% to $0.97 per share and $0.96 per share, respectively.\n\n\n\n\n(1)\n\n\n \n\n\n\nAdjusted diluted earnings per share is not a United States (“U.S.”) generally accepted accounting principle (“GAAP”) measure. Adjusted diluted earnings per share includes an adjustment for net tax windfall benefits related to employee stock-based compensation payments. Please refer to the “Non-GAAP Financial Measures” section on page 4 of this press release for a discussion of non-GAAP measures and a reconciliation to the U.S. GAAP measure of diluted earnings per share.\n\n\n\n\nMartin Mucci, President and Chief Executive Officer, commented, “Client retention remains strong and at record levels, and our results for the third quarter show that our resilient business model has helped us navigate the uncertainties created by COVID-19. We continue to see progress in our key indicators and remain committed to providing our clients the flexibility, technology, and resources they need to respond and adapt to the uncertainties of the COVID-19 environment.”\n\nMucci added, “We’re anticipating client needs with solutions that prepare them for what’s next. Our sales, support, product development, and marketing teams carefully listen to customer feedback—bringing to market new tools and technology designed to efficiently manage payroll, staffing, time tracking, and scheduling. Demonstrating our commitment to innovate and meet our client’s needs, we were pleased to receive our fifth consecutive Stevie® Award as a 2021 winner for the Most Valuable COVID-19 Response. Paychex's multifaceted response included our comprehensive COVID-19 Help Center, state-specific resources, educational webinars, product innovations, in-app Paycheck Protection Program tools, specialized employee training, and more. This recognition speaks to the company’s ability to deliver innovative ...